PiperWai and 'Shark Tank' investor Corcoran part ways
Under the exciting glow of studio lights, the Philadelphia founders of PiperWai LLC, a natural-deodorant start-up, and Shark Tank investor Barbara Corcoran thought they were an entrepreneurial match.
Under the exciting glow of studio lights, the Philadelphia founders of PiperWai LLC, a natural-deodorant start-up, and Shark Tank investor Barbara Corcoran thought they were an entrepreneurial match.
A year after that giddy time when Corcoran agreed to invest $50,000 in PiperWai for a 25 percent stake, the partnership is off.
"As our company grew, the deal we made in the tank made less and less sense," Jess Edelstein, co-owner of PiperWai with childhood friend Sarah Ribner, said Friday.
The two praised Corcoran for being generous with her time and resources. Ribner said working with Corcoran was an "overwhelmingly positive experience."
In a statement, Corcoran said: "After the past year, PiperWai decided not to close [on the deal]. I wish Jess & Sarah the best of luck."
With nearly $5 million in sales of its finger-applied deodorant, PiperWai plans to release a stick form "for the holiday season," Edelstein said.
Corcoran had pushed for it since meeting them.
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